Zambia’s limited use of the yuan highlights the myth of de-dollarization.A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in eastern Jiangsu Province, China, on Aug. 28, 2019. STR/AFP via Getty Images2/9/2026|Updated: 2/9/2026CommentaryZambia’s limited acceptance of yuan payments for mining taxes is being promoted by Beijing as a currency breakthrough, but the move reflects debt management and cost efficiency rather than genuine de-dollarization.Antonio Graceffo, Ph.D., is a China economy analyst who has spent more than 20 years in Asia. Graceffo is a graduate of the Shanghai University of Sport, holds an MBA from Shanghai Jiaotong University, and studied national security at American Military University.Author’s Selected Articles
China Claims Currency Victory in Zambia, but Yuan Internationalization Remains a Myth
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